Oriola (OKDBV) Q2 2025 earnings summary

Executive summary

• Net sales grew 12.4% in Q2 2025 and 15.5% in H1 2025 year-over-year, driven by strong performance in Distribution and Wholesale segments, with Distribution benefiting from new customer onboarding and strong partnerships.

• Adjusted EBITDA for Q2 was EUR 8.1 million, slightly above last year, but overall profitability was impacted by ERP implementation costs and the sale of the Swedish dose dispensing business, resulting in a net loss.

• Wholesale segment achieved 18% net sales growth in Q2, mainly in Sweden, but adjusted EBITDA declined due to unfavorable product mix and increased costs.

• Kronans Apotek joint venture continued to underperform, with high costs despite double-digit e-commerce growth and improved market share.

• Science Based Targets initiative approved the company’s climate targets, committing to net zero emissions by 2050.

Financial highlights

• Q2 2025 net sales: EUR 493.9 million (+12.4% YoY); H1 2025 net sales: EUR 940.9 million (+15.5% YoY); sales margin up 6% to EUR 42.2 million in Q2.

• Q2 2025 adjusted EBITDA: EUR 8.1 million; H1 2025 adjusted EBITDA: EUR 15.6 million; H1 2025 profit: EUR -11.0 million; EPS: EUR -0.06.

• Free cash flow in H1 2025: EUR 20.8 million, up from EUR 8.1 million in H1 2024.

• Net interest-bearing debt at EUR -47.8 million, reflecting a strong cash position; equity ratio at end of June 2025: 12.5%.

• Net profit impacted by ERP project costs and impairment related to Svensk dos.

Outlook and guidance

• Adjusted EBITDA for 2025 expected to increase from 2024 (EUR 33.4 million), supported by market growth, new customer onboarding, and strategy execution.

• H2 is expected to improve from last year, with a focus on maintaining sales growth and improving pass-through margins, especially in Wholesale.

• Pharmaceutical distribution market expected to grow, but geopolitical uncertainty and weak consumer confidence may impact wholesale.